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Transforming African Agriculture into a Lucrative Business

05/03/2020

DATE: Monday 22 May 2017

TIME: 15:00 – 16:30
SETTING THE CONTEXT

  • Mr. Khaled F. Sherif, Vice-President, Regional Development,Integration and Business Delivery, AfDB

PANEL

  • Ms. Ada Osakwe, CEO, Agrolay Ventures
  • Mr. Vimal Shah, CEO, Bidco Africa
  • Mr. John Magnay, Head of Agriculture, OpportunityInternational

MODERATOR

  • Mr. Alan Kasujja, BBC

Agriculture and agribusiness together account for about 45 percent of the economy of Sub-Saharan Africa. The share of agribusiness (including logistics and retail) in GDP averages 20 percent, while the share of agricultural production is about 24 percent for low-income countries, much of which is subsistence production. Much of Africa is physically close to big markets in the Middle East and Europe and some countries already capitalize on this through horticultural exports. Agriculture and allied industries are now favoured sectors for foreign direct investments (FDI). In 2014, Africa was the world’s fastest- growing region for FDI - a 65 percent increase over 2013.
In this new market environment, agribusiness companies are starting to respond to investment opportunities Africa has to offer. By 2030, agriculture and agribusiness combined could be worth over US$1 trillion to Africa from the current US$313 billion, offering the prospect of bringing more jobs, greater prosperity, less hunger, and enabling farmers to compete globally. However, notable constraints to agribusiness development still remain and explain a substantial part of the underperformance in Africa’s agriculture and agribusinesses. These include dominance of subsistence agriculture and the difficulties in some countries to position agriculture as a profitable business and source of wealth and employment. The Bank believes that it is crucial to transform African agriculture into a globally competitive, inclusive and business-oriented sector that creates wealth, generates gainful employment, improves quality of life and secures the environment. This event will provide a platform for exchanging of views among key stakeholders on the subject matter.

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Transforming African Agriculture into a Lucrative Business, AM 2017